Emini Futures | Emini Podcast May 2, 2012



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The S&P 500 Emini Futures closed the week on a high note. As early as Monday we came within one point of our lowest Weekly Trading Zone -
ES Emini Futures Weekly Low 04/23/12
... and by Friday we tested our highest Weekly Trading Zone. As pointed out in the last Partner's Meeting, when we open open the week near the high or low of the projected range give consideration to an Options position. If you have questions about how to trade such a strategy call Burt @ 866-928-3310 or email support@cfrn.net. Here is the chart for Friday's closing high -
ES Emini Futures 04/26/12
The E-Mini S&P 500 closed on the highs of the day in the midst of disappointing New Home Sales numbers and the concerns emanating from a slowed Chinese economy and potential recession fears in Europe. This bullish trend has endured mixed data and contagion fears of potential defaults in the Euro Zone. The resilience has been astounding. US New Home Sales decreased by 1.6% to a seasonally adjusted 313,000 unit annual rate. This report was forecast at 325,000 unit annual rate. The housing market is still depressed with a multitude of foreclosed homes weighing on the market. There were still 150,000 units of new homes in inventory on the market as of last month. The recent upbeat US data has the investment world dismissing the potential QE3, but reports such as this may put stimulus right back on the table.
The Dow closed today above 13,000 for the first time in 3 years. As it did twice last week and on Monday, the Dow poked through the 13,000 level in intraday trading on Tuesday but then dropped back down toward the end of the day before a final surge that pushed it up to about 13,005. The S&P 500 Cash index closed above it's high-water mark to settle at 1372.18.
The E-Mini S&P 500 may have had that intuitive move-up on the pull-back of the crude oil market, the better outlook for the housing industry or perhaps both! The key-level resistance of $1370.75 has been reached and could incite a further upside move. Many analysts feel that the E-Mini S&P 500 is toppy and needs to retrace.